(Newser)
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Toyota is teaming up with Tesla Motors to develop and build electric cars at a recently shuttered auto plant in the San Francisco Bay area. Toyota CEO Akio Toyoda said yesterday the world's largest automaker will invest $50 million in Tesla when the company goes public, and Tesla CEO Elon Musk said his company will purchase the factory in Fremont where the Model S electric sedan will be built.

Analysts said the partnership enhances the credibility of Tesla, a Silicon Valley startup just a few years ago, and boosts Toyota's image, tarnished by recalls. Tesla, which currently makes a two-seater electric sports car costing $109,000, said its goal is to produce increasingly affordable electric cars. The Model S is slated to go on sale in 2012 for $49,900, including federal tax credits, and is designed to travel as far as 300 miles on a three- to five-hour charge.

I have seen the Tesla, they are an AWESOME car, I wish I had one. Acceleration is incredible, glues you right to the back of the seat. 100% torque, 100% of the time. They also have an extra "spare" battery that will get you an extra 200 miles.

bewilderbeast

May 21, 2010 2:38 PM CDT

Dr Z and hatchling are highlighting the tragedy of what happens when you let corporations (with their selfish, greedy, short-term goals) have too much influence on policy. Big Corporates should take the main blame (sure politicians were complicit) for reducing America from leading nation in the world to playing catch-up. Another thing they did was take a great peace-maker and turn it into the biggest war-monger in the world.